Root (NASDAQ:ROOT) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research downgraded shares of Root (NASDAQ:ROOT) from a buy rating to a hold rating in a research note issued to investors on Saturday morning, Zacks.com reports.

According to Zacks, “Root Inc. is the parent company of Root Insurance Company. It is a technology company revolutionizing personal insurance with a pricing model. Root Inc. is based in COLUMBUS, Ohio. “

Several other analysts have also recently commented on the stock. Bank of America assumed coverage on shares of Root in a research note on Monday, March 15th. They issued an underperform rating and a $9.00 price objective for the company. Citigroup reduced their price objective on shares of Root from $20.00 to $15.00 in a research note on Wednesday, March 10th. Morgan Stanley dropped their target price on shares of Root from $23.00 to $14.00 and set an equal weight rating for the company in a report on Thursday, April 22nd. Finally, Credit Suisse Group began coverage on shares of Root in a report on Wednesday, April 28th. They set a neutral rating and a $13.00 target price for the company. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Root presently has a consensus rating of Hold and a consensus target price of $20.07.

Shares of NASDAQ ROOT opened at $10.50 on Friday. Root has a 52 week low of $9.42 and a 52 week high of $29.48. The company has a 50-day moving average of $11.66.

Root (NASDAQ:ROOT) last announced its quarterly earnings data on Thursday, February 25th. The company reported ($0.72) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.76) by $0.04. The company had revenue of $50.90 million during the quarter, compared to analyst estimates of $49.30 million. Research analysts forecast that Root will post -4.47 EPS for the current fiscal year.

In related news, CTO Daniel Manges sold 36,427 shares of the stock in a transaction that occurred on Monday, March 15th. The stock was sold at an average price of $11.09, for a total value of $403,975.43. Following the transaction, the chief technology officer now owns 1,000 shares in the company, valued at $11,090. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

A number of hedge funds have recently made changes to their positions in the business. Stratos Wealth Partners LTD. acquired a new position in Root during the first quarter valued at approximately $193,000. Canal Insurance CO acquired a new position in Root during the first quarter valued at approximately $95,000. Alyeska Investment Group L.P. acquired a new position in Root during the fourth quarter valued at approximately $12,318,000. Principal Financial Group Inc. bought a new stake in shares of Root in the fourth quarter valued at approximately $157,000. Finally, JPMorgan Chase & Co. bought a new stake in shares of Root in the fourth quarter valued at approximately $494,000.

About Root

Root, Inc provides insurance products and services in the United States. The company offers auto, homeowners, and renters insurance products. The company operates a direct-to-consumer model and serves customers primarily through mobile applications, as well as through its website. Its direct distribution channels also cover digital, media, and referral channels, as well as distribution partners.

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